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Tax Time!

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Old 01-30-2011, 05:54 AM
  #21  
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I donated a kitchen stove to Habitat for Humanity. They gave me a receipt and said to fill in the value myself. The stove was originally $1200, is 5 years old and I am saying it is $500 because it has a convection oven and is in good shape.
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Old 01-30-2011, 06:44 AM
  #22  
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MomToBostonTerriers: Thanks so much for the info and the link. I'm printing the info so I have proof that you are not able to include the time and effort that went into making the Project Linus quilt. Sure makes my job easier!
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Old 01-30-2011, 10:01 AM
  #23  
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If you have them appraised you can deduct the value, but the appraisal would cost more than what you'd save on taxes.
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Old 01-30-2011, 01:00 PM
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Mr Davidwent, are you the one with the longarm and do you do quilting as a business. If you do have a business doing quilting for the public then you can take a deduction as charitable contribution on quilts. If not then doing the schedule A is the only way to go. Maria--TX preparer and business owner.
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Old 01-30-2011, 02:21 PM
  #25  
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Because I kept seeing this " Tax" thread but avoided looking, I now DO have my taxes 90% ready to go to Tax Lady. I just thought people were moaning and I so hate to get ready for my taxes. I keep my stuff together but do not keep a record book.....next time, I will read the thread first, feel guilty later....but thanks, cuase now that Tax unpleasantness is out of the way!
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Old 01-30-2011, 05:46 PM
  #26  
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I haven't had any problem deducting mine over the years. I usually get a letter or form signed from the charity. I write on the back what type of quilt, size, date and what I est. the cost of materials. I think adding the pic is a great ideal tho'
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Old 01-30-2011, 05:53 PM
  #27  
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I think you can only deduct the cost of fabric, pattern etc so keep your receipts. :-)
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Old 01-30-2011, 05:56 PM
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I am pretty sure that if you have to ship these donation quilts (Downey) that the postage is also deductable.
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Old 01-30-2011, 06:37 PM
  #29  
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Originally Posted by MomtoBostonTerriers
Originally Posted by butterflywing
what if it's raffled, sold or auctioned by a charity? does that affect the value?
No. Your charitable tax deduction is the value of the goods that YOU put into the quilt. If your quilt is auctioned off for $50,000 (as well it should be), well, that's to the benefit of the charity. But it doesn't affect how much it cost you to make the quilt.
scratching my head here, If I bought stocks totaling $100 and now the value is $1,000 I can give the charity the stocks and deduct the $1,000 avoiding capital gains. Right? Soooo why not the quilt apreciation? Just wondering..... off to my corner now.....

piney
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Old 01-30-2011, 07:04 PM
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Thanks for this information. Better safe than sorry!
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